The EOS Network Foundation, which took over the blockchain, recently announced the launch of its first product. The community-driven administrative body has done the work necessary to bring the Ethereum Virtual Machine to the network. The news about the EVM adoption was given to the community through a launch event hosted on Twitter Spaces. The Trust EVM project will help the network catch up on the developments it missed out on due to Block.one’s non-committal attitude towards the network.
The support from Trust EVM will replace outdated features and allow developers to use familiar tools and programs on the EOS network. The EVM protocol would run as a smart contract on EOS, allowing it to complete the tasks faster than any other EVM machine in the crypto space. The block time for the Trust EVM is less than 0.5 seconds, and it can process more than 10,000 transactions per second. More importantly, the runtime of this EVM is compatible with all the dApps in the EOS ecosystem and allows for the trustless transfer of assets between different environments.
The EOS is still one of the most scalable networks in the crypto ecosystem despite the hindrances it faced under the previous management. The faster block times and lower latency rates will complement the EVM-supported dApps on EOS. The network, during its peak, managed to record a whopping 120 million transactions per day. So, DeFi and GameFi projects could have increased productivity on EOS combined with the tools of Ethereum Virtual Machine. The GameFi apps built using Solidity can now access EOS with “extreme throughput and micro-cent gas fees.”
Block.one kept this network underwhelming for the past four years despite the initial boom. The lack of commitment, innovation, and funding have comfortably kept the network away from the booming areas like NFTs, metaverse, and GameFi. Not only that, but the network also suffered from a lack of users and developers during the said period. The newly appointed EOS Network Foundation is working earnestly to replace outdated tools and bring new tooling solutions, codebases, and SDKs. The Trust EVM is just the first step towards an ambitious plan, and the network will introduce other toolkits like Hardhat and Truffle in the days to come.
After removing Block.one from the network, the ENF has adopted a strategic approach that allows it to level up EOS “into the best-in-class Web3 smart contract platform and blockchain ecosystem”. The group has already appointed several workgroups and published four research papers tracing over 75 ” EOS Enhancement Proposals.” Above all, the network has formed a coalition with a funding of $8 million to execute EOS development plans. In the opinion of Yves La Rose, Executive Director of ENF, the Trust EVM as their first product will level the ground for the subsequent project launches.